Meetings have been taking place throughout the day with speculation mounting the club could be placed in administration or even fold completely.

Director of football and caretaker manager Mick Wadsworth revealed his fears for the Clydesdale Bank Premier League's bottom side after last night's defeat to Dundee United, which attracted a record low crowd of just 501 at Fir Park where Gretna have been tenants this season.

With owner Brooks Mileson still battling serious illness, Wadsworth admitted there were no guarantees Gretna would survive the current campaign.

Such a scenario would throw the SPL into chaos but administration seems the most likely outcome for the Black and Whites, who sit 11 points adrift at the bottom of the table.

A Gretna spokesman confirmed: "The club is not in administration but discussions are continuing.

"The club will issue a statement on Monday."

Chief executive Graeme Muir admitted earlier in the day Gretna are facing difficult times ahead.

Although the players have been paid after a delay last month, no money is forthcoming from Mileson, who was discharged from hospital last month after being struck down with a brain infection.

Muir told Sky Sports News: "We keep battling away and we're fighting the fight but it's a difficult time.

"The payroll is up to date but we've also got a batch of creditors that need paying as well.

"There's other problems on the financial side. In the last 18 months, with Brooks Mileson, Mick Wadsworth and myself, we've actually reduced the payroll to something a bit more sensible but we're just hoping it's not too late.

"So we have been working away at making Gretna a bit more viable, we have made steps to improve the situation."

Gretna have faced problems in their first season in the SPL from the start.

Before the first match of the season against Falkirk at Fir Park, in a stage-managed incident, former manager Rowan Alexander was refused entry to the ground when he turned up claiming to still be in charge.

Alexander had been given a leave of absence the previous season due to a stress-related illness, leaving his assistant Davie Irons to guide the club to the First Division title.

After weeks of speculation during the close season, Irons was installed as manager with Alexander's future in limbo until November when he was officially dismissed.

On the pitch Gretna started poorly and were left adrift after the first couple of weeks, taking only one point from their first six league games.

Their perilous situation deteriorated at the turn of the year and last month Mileson, who funded the club's rise from the Third Division to the SPL, was admitted to hospital to undergo a series of tests.

The 60-year-old has struggled with serious illness in recent years. He underwent two stomach operations in 2006 and has also had to live with the debilitating illness ME.

Players and employees were told they would not be paid on time as Mileson's illness had affected the club finances.

To add to the club`s woes, Irons and his assistant Derek Collins resigned to take over at Morton.

Wadsworth, assisted by Iain Scott and Andy Smith, took over first-team affairs and he confessed last night Gretna now faces an urgent battle for survival.